ITM Power announce the formation of ITM Power Pty Ltd, a wholly owned subsidiary incorporated in Australia to develop the market for ITM Power’s rapid response electrolyser technology. Dr. Neil Thompson has been appointed Managing Director (“MD”) of the newly formed company. ITM Power is also pleased to announce membership of Hydrogen Mobility Australia.

ITM Power announce an update on trading and operations for the period since the announcement of its successful placing and open offer on 29 September 2017. The Company maintains its focus on increasing commercial sales and currently has £20.2m of projects under contract and a further £22.4m of contracts in the final stages of negotiation. The total of £42.6m is an increase of £5.9m in the two months since the placing and open offer announcement.

ITM Power announce that it has secured funding from the Department for Business, Energy and Industrial Strategy (BEIS) as part of the Energy Storage Feasibility Study Competition launched in January 2017 to collaborate with Northern Gas Networks (NGN) to undertake a study examining the potential deployment of large-scale Power-to-Gas energy storage. The Company’s order pipeline stands at £19.9m of projects under contract and £20.4m of contracts in the final stages of negotiation, totalling £40.3m (subject to exchange rate variation).

ITM Power announce Peter Hargreaves, a Non-executive director since 2003, has notified the Company of his intention to step down from the Board with effect from 31 October. Peter Hargreaves said, “I am proud that I have been involved with ITM Power from the time I encouraged the founders to start the Company. As I look back, I honestly feel that ITM Power is now at its most commercially and financially viable since its foundation.

ITM Power announces that is has received valid acceptances in respect of 10,896,225 New Ordinary Shares pursuant to Qualifying Shareholders’ Open Offer Entitlements representing a percentage take up of 100 per cent. of the new Ordinary Shares available under the Open Offer. Accordingly, the aggregate amount raised pursuant to the Open Offer is approximately £4.4 million and the aggregate amount raised pursuant to the Firm Placing and Open Offer is approximately £29.4 million.

ITM Power announce intention to raise £25 million (before expenses) through a placing of 62,500,000 New Ordinary Shares of 5 pence each in the capital of the Company (the Firm Placed Shares), with certain existing and new institutional investors (the Firm Placing). In addition the Company intends to raise up to c.£4.4 million through an open offer (the Open Offer) of 10,896,225 New Ordinary Shares (the Open Offer Shares). The fundraising is principally to provide working capital to support the delivery of the contract backlog and opportunity pipeline.

ITM Power announce that EnergyStock, a subsidiary of Gasunie, the Dutch gas transmission network operator, has purchased an ITM Power 1.1MW rapid-response PEM electrolyser. The sale was won in a competitive tender process and includes an after-sales support contract. The electrolyser will be located at EnergyStock’s Zuidwending salt cavern storage facility in northern Netherlands, and the generated hydrogen will be either used on-site within EnergyStock’s systems, or dispensed into tube trailers for supply to future hydrogen refuelling stations

EMEC has generated green hydrogen gas demonstrating potential for a clean replacement for polluting fuels
The European Marine Energy Centre (EMEC) has produced hydrogen gas from an ITM Power electrolyser using electricity generated from tidal energy in Orkney.
This is the first time that hydrogen has been created from tidal energy anywhere in the world.

ITM Power is pleased to note the announcement today from Shell concerning a joint project to install a 10MW electrolyser to produce hydrogen at the Wesseling refinery site within the Rheinland Refinery Complex in Germany.